a look at sip in nifty-tri · stp: available security name % to net assets* equity acc ltd. 0.62...

MAY 2011

The answer lies in allocating a part of one's

savings in the instruments that offer a

hedge against inflation. Historically,

equities are considered to be one such

instrument that have provided protection

by beating the inflation by decent margins.

It is however important for an investor to

set long term goals and ignore short term

volatility. The reason for overlooking the

day-today market movement is that

markets seldom show sustained bull run.

Each surge is generally followed by a

correction. Hence the need for keeping a

longer time horizon in mind. But are the

share markets 'safe'? The answer is both

'Yes' and 'No'. Yes, if one understands the

market and is adequately 'equipped' to

invest directly. However for most of us

who fall in the category of 'common

investor' the sensible thing is to take

professional help, available in the form of

mutual funds. Equity investment through

index mutual funds offer a good avenue to

all investors- beginners as well as veterans.

Even investment Gurus like Warren Buffet

have stated that a low cost Index Fund is

going to beat a majority of the amateur or

professionally-managed money. Regular

investing through SIP, as I have been saying

repeatedly, brings into play the law of

averages thereby reducing the impact of

volatility. So don't despair. Have a relook at

your portfolio and make it 'inflation proof '

by giving it an equity shield!

Happy investing and warm regards

Krishnamurthy Vijayan

MD & Chief Executive Officer

Dear Investors,

The Monetary Policy Statement for the FY 2011-12,

announced by Reserve Bank of India, underlines the

grave concerns the spiraling inflation is causing to

the growth prospects of Indian economy. The

measures announced in the policy are aimed at

reigning in the inflation which is beginning to

acquire monstrous proportions, hurting the economy

and investors alike. The ballooning international

commodity prices coupled with restive Middle East

and sovereign debt crises in the Euro Zone

continues to give jitters to investing community.

With the real rate of return shrinking, investors

especially those in fixed income instruments, have a

lot to worry about. So, what is the solution ?

(Source: Accord Fintech) as on 31.03.2011. *XIRR Returns in case of SIP.

Past performance is not indicative of future returns

CAGR (%) 1 Year 10 Years Since Inception

S&P CNX Nifty-TRI 12.36 19.52 16.18

S&P CNX Nifty-TRI (SIP*) 10.47 21.34 19.28

A look at SIP in Nifty-TRI

3

Easy global liquidity continued to spike up commodity prices and inflation, as the

Federal Reserve decided to continue its purchases of treasuries till June 2011 in a

bid to support the fragile economic recovery in the US. Emerging markets, which

have been enjoying the benefits of robust domestic demand post the financial

crisis, have been adversely affected by this surfeit of money finding its way into

their capital markets, a fact highlighted by IMF in its annual outlook. Crude

prices have rallied because of cheap money and the ongoing uncertainty in Libya,

and the spillover effects are already visible in the inflation numbers, with sharp

price rises in both food articles and manufactured goods.

China continued its battle against inflation as it raised interest rates (for the

fourth time since October 2010) by 25 bps, with further hikes expected.

European Central Bank also raised benchmark rates by 25 bps to 1.25%, in spite of

sovereign debt worries, in order to combat inflation in financially stable countries

like Germany.

April also saw a relatively easy systemic liquidity scenario in India, with the first

week showing a surplus of about Rs.40,000 crores on the back of government

spending. However, liquidity progressively tightened through the month and

settled around the ‘1% of NDTL’ deficit comfort zone of RBI. Yields on 3-month

Certificates of Deposits (CD’s) further softened to 8.40% during the first

fortnight, before rising again to 8.75% towards the end of the month. 1-year CD

yields were range-bound and closed the month at 9.75%. The new benchmark

10-year G-sec (2021) yield cut-off was unchanged at 7.80%, which then hardened

through the month and closed at 8.13%.

WPI for March rose further to 8.98% (YoY) from 8.31% in February (against

market expectations of 8.36% and in excess of revised RBI expectation of 8%).

Inflation seems to have entrenched itself into the economy with price rises across

the board. However, weekly food inflation fell further to 8.76% for the week

ended April 16, from 9.50% for the week ended March 19, mainly due to base

effect. The fuel and power index rose to 13.53% from 13.13% mainly due to rise

in prices of naphtha. Primary articles’ inflation also fell to 12.08% v/s 12.98%.

We expect a hike of 25 bps in the policy interest rates in the RBI monetary policy

review on May 3.

IIP growth for February continued to remain weak at 3.6% YoY, almost flat

compared to a revised figure of 3.9% for last month, due to dismal performance

by manufacturing and mining sectors, and the base effect caused by high growth

in the corresponding month of 2010. However, the HSBC Purchasing Managers’

Index (PMI), an indicator of manufacturing activity in India, continued to be

robust on the back of accelerating output and employment levels.

Source: Bloomberg News, IDBI Asset Management Ltd. - Internal Research

Equity Market Overview

Fixed Income Overview

Inflation Check: According to the Central Statistical Organization (CSO),

inflation in March 2011 was 8.98%, much higher than market expectations

of 8.4% and ahead of February inflation of 8.31%. Core inflation also moved

up sharply to 7.01% in March compared to 6.09% in February. Food inflation

declined to 9.5% compared to the previous month while fuel inflation increased

to 12.9%.

Index of Industrial Production: Industrial growth has slowed to 3.6% in

February 2011, from 3.9% in January 2011, and is below market expectations of

a 5% growth. The growth is also down meaningfully from February 2010 which

saw a robust 15.1% expansion in IIP. The poor performance was driven by the

manufacturing and mining sectors, specifically capital goods, which posted de-

growth of 18.4% vs. a growth of 46.7% a year ago. Consumer durables and non

durables categories however showed some strength during the month.

March Quarter Results: The March quarter results began on a rather muted note

with the Libyan situation (leading to a surge in crude oil prices) and Japanese

nuclear disaster as a macro backdrop. Bellwether Infosys reported results that were

below expectations, with a de-growth in volumes during the quarter, and followed

it up with a rather gloomy guidance for FY12 while the other IT majors reported

inline results. BHEL provided a respite with better than expected results. The

results from banks have been largely positive, with strong sequential loan growth

and stable asset quality. However the outlook for the sector remains hazy due

to the macro headwinds and the potential for credit growth off-take to slow in

FY12. The earnings season in the U.S. was also fairly positive, indicating a robust

outlook for the equity markets. Technology companies in particular reported

strong results.

Market Summary: Indian benchmark NIFTY index declined by 1.44% for

the month of April, this was on the concerns over RBI shifting its thrust on

inflation over growth. US Federal Reserve downgrading its GDP estimates to

3.1% - 3.3% from 3.6% - 3.9% for 2011, Bank of Japan’s weak economic outlook

on its economy and tensions prevailing middle-east region didn’t help the cause.

Among the indices, BSE IT index was down sharply by 6.17% due to concerns over

weak bottomline guidance provided by the IT major viz. Infosys and expectations

of strengthening of rupee. BSE reality index remained weak due to tightening of

money supply in the system and tepid growth in terms household registrations.

FMCG sector’s dependency on strong rural economy provided confidence to the

investors and resulted in a gain of ~4.17% for the month of April.

Source : Bloomberg

4

IDBI Nifty Index Fund(An open-ended passively managed equity scheme tracking the S&P CNX Nifty Index [Total Returns Index])

Scheme Performance as on 29/04/2011 (in %)

1 Month 3 Months 6 Months Since Inception (25-Jun-2010)

IDBI Nifty Index Fund (Growth) 0.14 3.98 -5.09 8.33

S&P Nifty Index - TRI 0.26 4.42 -4.27 9.80

Source: Accord FintechDisclaimer: Returns are of growth plan. Past Performance may or may not be sustained in the future.

Dividend History

Date Rate Cum Dividend NAV

(in `)

Ex Dividend NAV

(in `)

IDBI Nifty Index Fund - Dividend

15th Oct 2010 0.4000 11.5740 10.9628

1st Sept 2010 0.1200 10.2883 10.2886

Past performance may or may not be sustained in the future. After the payment of dividend, the per unit

NAV falls to the extent of the dividend payout and distribution taxes, if any.

Sector Classification

Scheme Features

Investment objective:The investment objective of the scheme is to invest only in and all the stocks comprising the S&P CNX Nifty Index in the same weights of these stocks as in the Index with the objective to replicate the performance of the Total Returns Index of S&P CNX Nifty index. The scheme may also invest in derivatives instruments such as Futures and Options linked to stocks comprising the Index or linked to the S&P CNX Nifty index. The scheme will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the S&P CNX Nifty index (Total Returns Index) and the Scheme.

Benchmark:

S&P CNX Nifty Index (Total Returns Index)

Fund Manager:

Mr. Gautam Kaul

Inception Date:

25th June, 2010

NAV (as on 29th April 2011):

Growth: ` 10.8327

Dividend: ` 10.3314

Plans:

- Reinvestment

- Payout

Asset Allocation Pattern:

Instrument

Indicative allocation

(% of total assets) Risk

ProfileMin. Max.

Stocks in the S&P CNX Nifty Index

and derivative instruments linked to

the S&P CNX Nifty Index

95% 100% Medium to

High

Cash and Money Market Instruments

including money at call but excluding

Subscription and Redemption Cash

Flow

0% 5% Low to

Medium

Min. Application Amount:

New Purchase – ` 5000/- and in multiples of ` 1/- thereafter

Min. Addl. Investment:

` 1000/- and in multiples of ` 1/- thereafter

Load Structure:

Entry Load: Nil.

Exit Load:

1% for exit (repurchase / switch-out / SWP), on or before 1 year from the

date of allotment.

For SIP

1% of Exit (repurchase / switch-out), on or before 1 year from the date of

allotment of each installment.

SIP:

Monthly Option:

` 500/- per month for a minimum period of 12 months or ` 1,000/- per

month for a minimum period of six months.

Quarterly Option:

` 1,500/- per quarter for a minimum period of 4 quarters.

Investments above the minimum amount mentioned must be made in

multiples of ` 1/-.

SWP:

Minimum balance in the Scheme should be ̀ 25,000/- at the time of enrollment

for SWP. Minimum amount for each withdrawal should be ` 1,000/- and

in multiples of ` 1/- thereafter for a minimum period of 6 months.

STP:

Available

Security Name % To

Net

Assets*

EQUITY

ACC Ltd. 0.62

Ambuja Cements Ltd. 0.75

Axis Bank Ltd. 1.92

Bajaj Auto Ltd. 1.16

Bharat Heavy Electricals Ltd. 1.83

Bharat Petroleum Ltd. 0.47

Bharti Airtel Ltd. 2.65

Cairn India Ltd. 0.87

CIPLA Ltd. 0.91

DLF Ltd. 0.47

Dr. Reddy's Laboratories Ltd. 1.22

Gas Authority of India Ltd. 1.24

Grasim Industries Ltd. 0.90

HCL Technologies Ltd. 0.72

HDFC Bank Ltd. 4.73

HDFC Ltd. 5.30

Hero Honda Motors Ltd. 0.94

Hindalco Industries Ltd. 1.61

Hindustan Unilever Ltd. 1.72

ICICI Bank Ltd. 7.42

Infosys Technologies Ltd. 8.12Infrastucture Development Finance

Co. Ltd.0.89

ITC Ltd. 5.90

Jaiprakash Associates Ltd. 0.62

Jindal Steel & Power Ltd. 1.47

Kotak Mahindra Bank Ltd. 0.88

Security Name % To

Net

Assets*

Larsen & Toubro Ltd. 4.92

Mahindra & Mahindra Ltd. 2.07

Maruti Suzuki India Ltd. 1.01

NTPC Ltd. 1.34

Oil & Natural Gas Corpn Ltd. 2.41

Power Grid Corporation of India Ltd. 0.85

Punjab National Bank Ltd. 0.91

Ranbaxy Laboratories Ltd. 0.41

Reliance Capital Ltd. 0.37

Reliance Communications Ltd. 0.38

Reliance Industries Ltd. 9.64

Reliance Infrastructure Ltd. 0.53

Reliance Power Ltd. 0.42

Sesa Goa Ltd. 0.69

Siemens Ltd. 0.76

State Bank of India Ltd. 4.20

Steel Authority of India Ltd. 0.54

Sterlite Industries ( India ) Ltd. 1.50

Sun Pharmaceuticals Industries Ltd. 1.01

Tata Consultancy Services Ltd. 3.42

Tata Motors Ltd. 2.50

Tata Power Company Ltd. 1.22

Tata Steel Ltd. 2.34

Wipro Ltd. 1.32

Equity Total 100.11

Cash Receivables -0.11

Total 100.00

Portfolio as on 29/04/2011

* Rounded off to the nearest two digits after the decimal point.

Please refer to the ‘Important Note’ in SID for disclaimers of S&P and IISL with respect to the usage of S&P CNX Nifty Index

7.69%

20.05%

1.99%

0.47%

8.52%

4.36%

6.57%1.24%7.51%

0.69%

3.11%

3.28%

10.11%

3.54%

4.37%

13.59%

3.04%

Autombiles

Banks

Cement

Construction Project

Consumer Non Durables

Ferrous Metals

Finance

Gas

Industrial Capital Goods

Minerals/Mining

Non - Ferrous Metals

Oil

Petroleum Products

Pharmaceuticals

Power

Software

Telecom - Services

5

IDBI Nifty Junior Index Fund(An open-ended passively managed equity scheme tracking the CNX Nifty Junior Index (Total Returns Index)


1 Month 3 Months 6 Months Since Inception (20-Sept-2010)

IDBI Nifty Junior Index (G)* 2.32 4.25 -13.32 -11.02

CNX Nifty Junior-TRI 2.67 4.96 -12.53 -10.21

*Source: Accord FintechDisclaimer: Returns are of growth plan. Past Performance may or may not be sustained in the future.

Sector Classification

Scheme Features

Investment objective:The investment objective of the scheme is to invest only in and all the stocks comprising the CNX Nifty Junior Index in the same weights of these stocks as in the Index with the objective to replicate the performance of the Total Returns Index of CNX Nifty Junior Index. The scheme may also invest in derivatives instruments such as Futures and Options linked to stocks comprising the Index or linked to the CNX Nifty Junior Index as and when the derivative products on the same are made available. The scheme will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the CNX Nifty Junior Index (Total Returns Index) and the Scheme.

Benchmark:

CNX Nifty Junior Index (Total Returns Index)

Fund Manager:

Mr. Gautam Kaul

Inception Date:

20th September, 2010


Growth: ` 8.8985

Dividend: ` 8.8985

Plans:

- Reinvestment

- Payout


Instrument

Indicative allocation(% of total assets) Risk

ProfileMin. Max.

Stocks in the CNX Nifty Junior Index and derivative instruments linked to the CNX Nifty Junior Index as and when the derivative products are made available on the same

95% 100% Medium to High

Cash and Money Market Instruments including money at call but excluding Subscription and Redemption Cash Flow

0% 5% Low to Medium





Load Structure:

Entry Load: Nil.

Exit Load:

1% for exit ( repurchase/switch-out/SWP/STP) on or before 1 year from

the date of allotment.

For SIP

1% for exit(repurchase/switch-out/SWP/STP) on or before 1 year from the

date of allotment of each installment.

SIP: Monthly Option: ` 500/- per month for a minimum period of 12 months or ` 1,000/- per month for a minimum period of six months.

Quarterly Option: ` 1,500/- per quarter for a minimum period of 4 quarters.

Investments above the minimum amount mentioned must be made in

multiples of ` 1/-.

SWP:Minimum balance in the Scheme should be ̀ 25,000/- at the time of enrollment for SWP. Minimum amount for each withdrawal should be ` 1,000/- and in multiples of ` 1/- thereafter for a minimum period of 6 months.

STP:

Available

Security Name % To Net

Assets*

EQUITY

Coal India Ltd. 7.06

Bank Of Baroda Ltd. 4.51

Adani Enterprises Ltd. 4.43

Asian Paints Ltd. 3.77

UltraTech Cement Ltd. 3.12

Lupin Ltd. 3.06

Shriram Transport Finance Company

Ltd.3.04

JSW Steel Ltd. 2.98

Crompton Greaves Ltd. 2.83

Glaxosmithkline Pharmaceuticals Ltd. 2.80

Canara Bank Ltd. 2.66

IndusInd Bank Ltd. 2.64

United Spirits Ltd. 2.63

Bank Of India Ltd. 2.62

Titan Industries Ltd. 2.49

Rural Electrification Corporation Ltd. 2.30

Zee Entertainment Enterprises Ltd. 2.25

Yes Bank Ltd. 2.14

The Federal Bank Ltd. 2.12

Union Bank of India Ltd. 2.11

Exide Industries Ltd. 2.06

Cummins India Ltd. 2.02

Tata Chemicals Ltd. 1.96

LIC Housing Finance Ltd. 1.94

Mundra Port and Special Economic

Zone Ltd.1.91

Hindustan Petroleum Corporation Ltd. 1.81

Security Name % To Net

Assets*

Colgate Palmolive (India) Ltd. 1.78

Container Corporation of India Ltd. 1.62

United Phosphorus Ltd. 1.52

IDBI Bank Ltd. 1.46

Aditya Birla Nuvo Ltd. 1.42

Bharat Forge Ltd. 1.38

GMR Infrastructure Ltd. 1.27

Glenmark Pharmaceuticals Ltd. 1.23

Torrent Power Ltd. 1.23

The Indian Hotels Co. Ltd. 1.22

Housing Development and Infrastructure Ltd. 1.15

Bharat Electronics Ltd. 1.04

Industrial Finance Corporation Ltd. 1.04

Ashok Leyland Ltd. 1.02

MphasiS Ltd. 1.01

Oracle Financial Services Software Ltd. 0.98

Andhra Bank Ltd. 0.96

Indian Overseas Bank Ltd. 0.95

Power Finance Corporation Ltd. 0.80

Biocon Ltd. 0.75

Tech Mahindra Ltd. 0.69

Patni Computer Systems Ltd. 0.61

Syndicate Bank Ltd. 0.60

Punj Lloyd Ltd. 0.41

India Bulls Wholesale Services Ltd.# 0.00

Equity Total 99.38

Cash Receivables 0.62

Total 100.00


#Due to corporate action on India Bulls Real Estate Ltd., the scheme currently holds 6005 unlisted shares of

Indiabulls Wholesale Services Ltd. (IWSL)* Rounded off to the nearest two digits after the decimal point.

Please refer to IISL disclaimer on page 10

3.08%

22.77%

3.12%

2.83%

12.08%

2.98%1.96%9.11%

1.22%

3.88%

3.40%

2.25%

7.06%

1.52%

1.81%

7.84%

1.23%3.29%

4.43% 3.53% AutoBanksCementConstruction ProjectConsumer Non DurablesFerrous MetalsFertilisersFinanceHotelsIndustrial Capital GoodsIndustrial ProductsMedia & EntertainmentMinerals/MiningPesticidesPetroleum ProductsPharmaceuticalsPowerSoftwareTradingTransportation

6 * For rating disclaimers, please refer to page 10

Rated ‘CARE AAAf ’ by CARE* Rated ‘AAAf ‘ by CRISIL*IDBI Liquid Fund

(An open-ended liquid scheme)

Scheme Features

Investment objective:

The investment objective of the Scheme will be to provide investors with

high level of liquidity along with regular income for their investment. The

Scheme will endeavour to achieve this objective through an allocation of

the investment corpus in a low risk portfolio of money market and debt

instruments.

Benchmark:

CRISIL Liquid Fund Index

Fund Manager:

Mr. Gautam Kaul

Inception Date:

9th July, 2010


Growth ` 1059.2807

Daily Dividend ` 1000.0000

Weekly Dividend ` 1001.1475

Monthly Dividend ` 1000.5946

Plans:

- Daily Dividend

- Weekly Dividend

- Monthly Dividend


Instrument

Indicative allocation

(% of total assets) Risk

ProfileMin. Max.

Money market instruments with

maturity/residual maturity up to 91

days

50% 100% Low

Debt instruments (including floating

rate debt instruments and securitized

debt)* with maturity/residual maturity/

interest rate resets up to 91 days

0% 50% Low to

Medium

* Investment is securitized debt not to exceed 50% of the net assets of the Scheme.

Investment in Derivatives will be up to 50% of the net assets of the Scheme. The

Scheme does not propose to invest in foreign securities.





Load Structure:Entry Load: Not Applicable

Exit Load : Nil

SIP: Monthly Option:

` 500/- per month for a minimum period of 12 months or

` 1,000/- per month for a minimum period of 6 months

Quarterly Option:

` 1,500/- per quarter for a minimum period of 4 quarters with additional investment

thereafter.

Investments above the minimum amount mentioned must be made in multiples of

` 1/-.

SWP:

Minimum balance in the Scheme should be ` 25,000/- at the time of

enrollment for SWP. Minimum amount for each withdrawal should be

` 1,000/- and in multiples of ` 1/- thereafter for a minimum period of 6

months.

STP:

Available

Security Name Rating % To

Net

Assets*CERTIFICATES OF DEPOSITUCO Bank Ltd. P1+ 9.97Central Bank of India Ltd. PR1+ 6.35Oriental Bank of Commerce Ltd. P1+ 5.48Bank of India Ltd. P1+ 4.98Canara Bank Ltd. P1+ 3.75Allahabad Bank Ltd A1+ 3.74Canara Bank Ltd. P1+ 3.13State Bank of Mysore Ltd. A1+ 3.12Allahabad Bank Ltd P1+ 2.61Corporation Bank Ltd. P1+ 2.50Punjab National Bank Ltd. PR1+ 2.49Andhra Bank Ltd. PR1+ 1.87Axis Bank Ltd. P1+ 1.75Central Bank of India Ltd. P1+ 1.25Canara Bank Ltd. PR1+ 1.25Indian Overseas Bank Ltd. P1+ 1.25Vijaya Bank Ltd. PR1+ 1.25Bank of Maharashtra Ltd. P1+ 1.25Union Bank of India Ltd. P1+ 0.63Punjab National Bank Ltd. PR1+ 0.62State Bank of Bikaner & Jaipur Ltd. P1+ 0.25Yes Bank Ltd. P1+ 0.12COMMERCIAL PAPERSSrei Equipment Finance Pvt. Ltd. A1+ 5.01ICICI Securities Primary Dealership Ltd.

P1+ 3.78


Net

Assets*ECL Finance Ltd. P1+ 3.03Sundaram Finance Ltd. A1+ 2.52India Infoline Ltd. A1+ 2.52JM Financial Products Pvt Ltd. P1+ 2.52SBI Global Factors Ltd. P1+ 2.51Hindalco Industries Ltd. P1+ 2.37Kotak Mahindra Prime Ltd. P1+ 2.27Tata Motors Finance Ltd. A1+ 1.75Aditya Birla Finance Ltd. A1+ 1.26Berger Paints (I) Ltd. P1+ 1.26Magma Fincorp Ltd. PR1+ 1.25Infrastructure Leasing & Finance Ltd.

PR1+ 1.25

JM Financial Services Pvt. Ltd. P1+ 1.12Redington (India) Ltd. A1+ 0.75Blue Star Ltd. PR1+ 0.63Srei Infrastructure Finance Ltd. PR1+ 0.63Marico Ltd. P1+ 0.62Kesoram Industries Ltd. PR1+ 0.62Srei Infrastructure Finance Ltd. A1+ 0.62Reliance Capital Ltd. A1+ 0.62Birla TMT Holdings Pvt Ltd. P1+ 0.50HCL Infosystems Ltd. A1+ 0.13Hindustan Petroleum Corporation Ltd.

P1+ 0.12

Cash "n" Call Assets & Receivables 0.72

TOTAL 100.00


Scheme Performance as on 30/04/2011 (in %)1 Week 2 Week 1 Month 3 Months 6 Months Since Inception (9-July-2010)

IDBI Liquid Fund (G) 8.30 8.23 8.37 8.29 7.93 7.33Crisil Liquid Fund Index 7.16 7.03 7.32 7.90 7.62 7.00


Dividend History

Date Rate Cum Dividend NAV*

(in `)

Ex Dividend NAV

(in `)

IDBI Liquid Fund - Weekly Dividend

24th April 2011 1.2281 1001.1288 1000.2200

17th April 2011 1.2303 1001.3420 1000.2200

10th April 2011 1.2053 1001.3659 1000.2200

3rd April 2011 1.4347 1001.5241 1000.2200

27th March 2011 1.3213 1001.3936 1000.2200

20th March 2011 1.2635 1001.3705 1000.2200

13th March 2011 1.2100 1001.3189 1000.2200

6th March 2011 1.1855 1001.3115 1000.2200

IDBI Liquid Fund - Monthly Dividend

25th April 2011 5.7071 1007.0221 1000.0000

25th March 2011 4.9250 1006.0305 1000.0000Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV falls to the extent of the dividend payout and distribution taxes, if any. * NAV of the previous business day.


Asset Profile

Cash & Cash Equivalent

0.72%

A1+/P1+/PR1+

99.28%

YTM : 8.65% Average Maturity : 37.07 days

Modified Duration : 37.07 days

7

IDBI Ultra Short Term Fund(An open-ended debt scheme)


1 Week 2 Week 1 Month 3 Months 6 MonthsSince Inception

(3-Sept-2010)

IDBI Ultra Short Term Fund (G) 0.20 0.34 0.77 2.20 4.15 5.26

Crisil Liquid Fund Index 0.15 0.27 0.62 1.97 3.80 4.75


Dividend History

DateIndividual Dividend

(in `)

Institutional Dividend

(in `)

Cum Dividend NAV* (in `)

Ex Dividend NAV (in `)

IDBI Ultra Short Term Fund - Weekly Dividend

26th April 2011 0.0148 0.0138 10.0168 10.0025

19th April 2011 0.0149 0.0139 10.0169 10.0024

13th April 2011 0.0156 0.0146 10.0178 10.0047

6th April 2011 0.0160 0.0149 10.0182 10.0046

29th March 2011 0.0148 0.0138 10.0169 10.0032

22nd March 2011 0.0148 0.0138 10.0168 10.0024

15th March 2011 0.0146 0.0136 10.0166 10.0024

8th March 2011 0.0140 0.0130 10.0159 10.0023

1st March 2011 0.0143 0.0133 10.0163 10.0023

IDBI Ultra Short Term Fund - Monthly Dividend

26th April 2011 0.0682 0.0636 10.0774 10.0025

28th March 2011 0.0581 0.0541 10.0661 10.0074

Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV

falls to the extent of the dividend payout and distribution taxes, if any. * NAV of the previous business day.

Scheme Features

Investment objective:The objective of the Scheme will be to provide investors with regular income for their investment. The Scheme will endeavour to achieve this objective through an allocation of the investment corpus in a diversified portfolio of money market and debt instruments with maturity predominantly between a liquid fund and a short term fund while maintaining a portfolio risk profile similar to a liquid fund.

Benchmark:

CRISIL Liquid Fund Index

Fund Manager:

Mr. Gautam Kaul

Inception Date:

3rd September, 2010


Growth ` 10.5263

Daily Dividend ` 10.0000



Plans:

- Daily Dividend

- Weekly Dividend

- Monthly Dividend


InstrumentIndicative allocation

(% of total assets)Risk

ProfileMin. Max.

Money market instruments/debt instruments (including floating rate debt instruments and securitized debt*) with maturity/residual maturity up to 1 year (or 365 days)

80% 100% Low to

Medium

Debt instruments (including floating rate debt instruments and securitized debt*) with duration/maturity/residual maturity above 1 year

0% 20% Medium

It is the intent of the Scheme to maintain the average maturity of the portfolio within a range of 30 days to 120 days under normal market conditions depending on the fund manager’s assessment of various parameters including interest rate environment, liquidity and macro-economic factors. However, the maturity profile of the scheme can undergo a change in case the market conditions warrant and at the discretion of the fund manager.*Investment in Securitized Debt not to exceed 50% of the net assets of the Scheme. Investment in Derivatives will be upto 50% of the net assets of the Scheme.





Load Structure:Entry Load: Not Applicable

Exit Load : Nil




Quarterly Option:

` 1,500/- per quarter for a minimum period of 4 quarters .


` 1/-.

SWP:Minimum balance in the Scheme should be ` 25,000/- at the time of enrollment for SWP. Minimum amount for each withdrawal should be ` 1,000/- and in multiples of ` 1 thereafter for a minimum period of 6 months.

STP:

Available

* For rating disclaimers, please refer to page 10

Rated ‘CARE AAAf ’ by CARE* Rated ‘AAAf ‘ by CRISIL*


Net

Assets*

CERTIFICATES OF DEPOSIT

Punjab National Bank Ltd. PR1+ 23.93

UCO Bank Ltd. P1+ 17.16

Bank of India Ltd. P1+ 11.07

HDFC Bank Ltd. PR1+ 10.72

Syndicate Bank Ltd. P1+ 5.38

Canara Bank Ltd. P1+ 5.35

Bank of Maharashtra Ltd. P1+ 4.84

Allahabad Bank Ltd. A1+ 1.08

Indian Overseas Bank Ltd. A1+ 1.07

ING Vysya Bank Ltd. P1+ 0.62


Net

Assets*

ICICI Bank Ltd. P1+ 0.54

COMMERCIAL PAPERS

SBI Global Factors Ltd. P1+ 10.76

Srei Infrastructure Finance Ltd. A1+ 5.37

Ballarpur Industries Ltd. F1+ 3.22

Magma Fincorp Ltd. PR1+ 2.69

Motherson Sumi Systems Ltd. A1+ 2.68

Tata Motors Finance Ltd. A1+ 1.41

Cash "n" Call Assets & Receivables -7.90

TOTAL 100.00


Asset includes subscription money received & utilized on 29th April, 2011* Rounded off to the nearest two digits after the decimal point.



8

IDBI Monthly Income Plan(An open ended Income Scheme. Monthly Income is not assured and is subject to availability of distributable surplus)

Scheme Features

Investment objective:The investment objective of the scheme would be to provide regular income along with opportunities for capital appreciation through investments in a diversified basket of debt instruments, equity and money market instruments.

Benchmark:

CRISIL MIP Blended Index

Fund Manager:

Mr. Gautam Kaul & Mr. Syed Sagheer

Inception Date:

7th March 2011


Growth ` 10.1281


Quarterly Dividend ` 10.1281

Plans:

- Monthly Dividend

- Quartely Dividend




ProfileMin. Max.

Debt instruments (including floating rate debt instruments and securitized debt*) and money market instruments

80% 100% Low to

Medium

Equity and equity related instruments^ 0% 20% Medium

to High

*Investment in Securitized Debt will be only in investment grade rated papers and

will not to exceed 25% of the net assets of the Scheme.

^The Scheme will invest in the equity and equity related instruments of only such

companies which are the constituents of either the S&P CNX Nifty Index (Nifty

50) or the CNX Nifty Junior Indices (Nifty Junior) comprising a combined universe

of 100 stocks. These two indices are collectively referred to as the CNX 100 Index.

The equity portfolio will be well-diversified and actively managed to ensure the

scheme’s investment objectives are realized.





Load Structure:Entry Load: Nil

Exit Load:

1% for exit up to 12 months from the date of allotment.

For SIP

1% for exit up to 12 months from the date of allotment of each installment.




Quarterly Option:

` 1,500/- per quarter for a minimum period of 4 quarters .


` 1/-.

SWP:

Minimum balance in the scheme should be Rs. 25,000/- at the time of

enrollment for SWP. Minimum amount for each withdrawal should be

Rs. 1000/- and in multiples of Re. 1/- thereafter for a minimum period of 6

months.

STP:

Available


Net

Assets*

EQUITY/EQUITY RELATED

Infosys Technologies Ltd. 0.50

Bharat Heavy Electricals Ltd. 0.28

Bank of Baroda Ltd. 0.26

Tata Motors Ltd 0.18

Infrastucture Development

Finance Co. Ltd0.12

Rural Electrification Corporation 0.07

Oil & Natural Gas Corpn Ltd. 0.04

Exide Industries Ltd. 0.04

Crompton Greaves Ltd. 0.04


Net

Assets*



UCO Bank Ltd. PR1+ 13.80

Axis Bank Ltd. P1+ 13.73

Oriental Bank of Commerce Ltd. P1+ 13.13

Punjab & Sind Bank Ltd. P1+ 13.13

Canara Bank Ltd. A1+ 13.13


Central Bank of India Ltd. PR1+ 2.61


Cash "n" Call Assets & Receivables -0.00127

TOTAL 100.00




1 Week 2 Weeks 1 Month Since Inception (7-Mar-11 )

IDBI Monthly Income Plan (G) 0.12 0.15 0.61 1.28

Crisil MIP Blended Index -0.25 -0.09 0.36 1.62


YTM (Debt Component) : 9.53% Average Maturity :


183.57 days

9

IDBI Short Term Bond Fund(An open-ended Debt Scheme)

Scheme Features

Investment objective:The objective of the Scheme will be to provide investors with regular income for their investment. The Scheme will endeavour to achieve this objective through an allocation of the investment corpus in a diversified portfolio of debt and money market instruments.

Benchmark:

CRISIL Short Term Bond Fund Index

Fund Manager:

Mr. Gautam Kaul

Inception Date:

23rd March, 2011


Growth ` 10.0865



Plans:

- Weekly Dividend

- Monthly Dividend




ProfileMin. Max.

Money market instruments/debt instruments (including floating rate debt instruments and securitized debt)* with maturity/residual maturity up to and including 2 years

65% 100% Low

Debt instruments (including floating rate debt instruments and securitized debt)* with duration/ maturity/residual maturity above 2 years and not exceeding 3 years

0% 35% Low to

Medium

It is the intent of the Scheme to maintain the duration of the portfolio below 2 years under normal market conditions depending on the fund manager’s assessment of various parameters including interest rate environment, liquidity and macro-economic factors. However, the maturity profile of the scheme can undergo a change in case the market conditions warrant and at the discretion of the fund manager. Under no circumstances the average maturity/duration of the portfolio will exceed 3 years.* Investment in Securitized Debt not to exceed 25% of the net assets of the Scheme. Investment in Derivatives will be up to 50% of the net assets of the Scheme. Investment in derivatives shall be for hedging, portfolio balancing and such other purposes as maybe permitted from time to time. The gross investment in securities under the scheme, which includes money market instruments, debt instruments including floating rate debt instruments and securitized debt, and gross exposure to derivatives will not exceed 100% of the net assets of the scheme.





Load Structure:Entry Load: Not ApplicableExit Load:0.5% for exit within 1 month from the date of allotment.For SIP0.5% for exit within 1 month from the date of allotment of each installment.


` 500 per month for a minimum period of 12 months or

` 1,000 per month for a minimum period of 6 months

Quarterly Option:

` 1,500 per quarter for a minimum period of 4 quarters .


` 1/-.

SWP:Minimum balance in the Scheme should be Rs. 25,000/- at the time of enrollment for SWP. Minimum amount for each withdrawal should be Rs. 1,000/- and in multiples of Re.1/- thereafter for a minimum period of 6 months

STP:Available


Net

Assets*


Punjab National Bank Ltd. PR1+ 23.90



ICICI Bank Ltd. A1+ 11.01


Net

Assets*


COMMERCIAL PAPERS

Tata Motors Finance Ltd. A1+ 23.93

Cash "n" Call Assets & Receivables 0.000937

TOTAL 100.00


Dividend History

DateIndividual Dividend

(in `)

Institutional

Dividend

(in `)

Cum Dividend

NAV* (in `)

Ex Dividend

NAV (in `)

IDBI Short Term Bond Fund - Weekly Dividend

26th April 2011 0.0124 0.0116 10.0276 10.0161

19th April 2011 0.0121 0.0113 10.0272 10.0153

13th April 2011 0.0088 0.0082 10.0235 10.0170

6th April 2011 0.0174 0.0162 10.0333 10.0157

29th March 2011 0.0076 0.0070 10.0086 10.0054

Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV

falls to the extent of the dividend payout and distribution taxes, if any. * NAV of the previous business day.


1 Week 2 Weeks 1 Month Since Inception (23-Mar-11 )

IDBI Short Term Bond Fund(G) 0.18 0.29 0.74 0.86

Crisil Short Term Bond Fund 0.14 0.13 0.61 0.81





Asset Profile

A1+/P1+/PR1+

99.999063%

Cash & Cash Equivalent

0.000937%

10

The products on CNX Nifty Junior Index is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not make and expressly disclaims any representation or warranty,

express or implied (including warranties of merchantability or fitness for particular purpose or use) regarding the advisability of investing in the products linked to CNX Nifty Junior Index or particularly in the ability

of the CNX Nifty Junior Index to track general stock market performance in India. Please read the full Disclaimers in relation to the CNX Nifty Junior Index in the Scheme Information Document.

*CARE’s fund credit quality rating is not a recommendation to purchase, sell, or hold a security / fund. It neither comments on the current market price, suitability for a particular investor nor on the prospective

performance of the fund with respect to appreciation, volatility of net asset value (NAV), or yield of the fund. The ratings do not address the funds ability to meet the payment obligations to the investors. The ratings are

based on current information furnished to CARE by the issuer or obtained by CARE from sources it considers reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information

and is not responsible for any errors or omissions or for the results obtained from the use of such information. CARE does not perform an audit in connection with any rating and may, on occasion, rely on unaudited

information. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances. Funds rated by CARE have paid a rating fee.

CRISIL: The assigned rating AAAf is valid for “IDBI Liquid Fund” and “IDBI Ultra Short Term Fund”. The rating of CRISIL is not an opinion of the Asset Management Company’s willingness or ability to make

timely payments to the investor. The rating is also not an opinion on the stability of the NAV of the Fund, which could vary with market developments.

Our BranchesAhmedabad : IDBI Mutual Fund, IDBI Complex, 1st Floor, Near Lal Bunglow, Off CG Road, Ahmedabad - 380 006.

Tel.: 079 – 64502167 / 68. Fax : 079 – 26400844.

Bangalore : IDBI Mutual Fund, IDBI House, 3rd Floor, IDBI Mutual Fund No. 58, Mission Road, Bangalore - 560 027. Tel.: 080-41495263 / 41409786 Fax : 080-41495264.

Chandigarh : IDBI Mutual Fund, IDBI Bank Ltd., 3rd Floor, SCO 72/73, Bank Square, Sector - 17B, Chandigarh - 160 016. Tel.: 0172-5076705 Fax: 0172-5086705.

Chennai : IDBI Mutual Fund, Ground Floor, Lancor Westminster Building, Old No. 108, New No. 70, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004. Tel.: 044-43456113 Fax: 044-43456110.

Delhi : IDBI Mutual Fund, IDBI Bank, 5th Floor, Red Cross Building, Red Cross Road, Parliament Street, New Delhi - 110 001. Tel.: 011-66130050 Fax: 011-66130051.

Hyderabad : IDBI Mutual Fund, 3rd Floor, 5-9-89/1, Chapel Road, Hyderabad - 500 001. Tel.: 040 - 66663559 Fax: 040 - 66663889

Indore : IDBI Mutual Fund, IDBI Bank Ltd., Ground Floor, Alankar Chambers, Ratlam Kothi, Indore - 452 001. Tel.: 0731-6679127 Fax: 0731-2510101

Kochi : IDBI Mutual Fund, IDBI Bank, Corporate Office, Near Passport Office, Panampally Nagar, Kochi - 680 366. Tel.: 0484 - 6462112.

Kolkatta : IDBI Mutual Fund, IDBI House, 6th floor, 44, Shakespeare Sarani, Kolkata - 700 017. Tel.: 033- 66337627 Fax: 033-66337629

Lucknow : IDBI Mutual Fund, IDBI Bank, 2 M G Marg, Kisan Sekhari Bhawan, Hazratganj, Lucknow - 226 001. Tel.: 0522- 2202863 / 6500103

Mumbai : IDBI Mutual Fund, Mittal Court, 2nd Floor, C-Wing, Nariman Point, Mumbai - 400021. Tel.: 022-67498397 Fax: 022-67498399.

Pune : IDBI Mutual Fund, IDBI House, 4th Floor, Dnayaneshwar, Paduka Chowk, S C Road, Shivaji Nagar, Pune - 411 004. Tel.: 020-66057037/36 Fax: 020-66057035

Contact us

Corporate Office

IDBI Asset Management Limited

2nd Floor, IDBI Building, Plot No.39-41, Sector-11, CBD Belapur, Navi Mumbai – 400614.

Phone: 022-66096100 Fax: 022-66096110 e-mail: [email protected] website: www.idbimutual.co.in

SMS: IDBIMF on 09220092200 Tollfree: 1800-22-4324 (between 9 a.m. – 6 p.m. from Monday to Friday)

a look at sip in nifty-tri · stp: available security name % to net assets* equity acc ltd. 0.62...

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